KeyBank Agents Five-Year, $100MM Term Loan for CoreSite

CoreSite Realty, a provider of data center and interconnection solutions across the U.S., entered into a new five-year, $100 million term loan.

KeyBank served as administrative agent, and KeyBanc Capital Markets, RBC Capital Markets, Regions Capital Markets, and TD Securities all served as joint lead arrangers and joint book managers.

CoreSite elected to exercise a portion of the accordion inside its $500 million senior unsecured credit facility for the new $100 million term loan. The term loan has a five-year term maturing in February 2021, and bears interest at a variable rate. Net proceeds from the term loan will be used to pay down a portion of the current revolving credit facility balance, as well as for general corporate purposes.

“The execution of this new $100 million term loan allows us to increase our overall liquidity to fund future growth at an attractive cost of debt, further balances our debt maturities and strengthens our capital structure,” said Jeff Finnin, CoreSite’s Chief Financial Officer. “We are fortunate to have a solid team of relationship banks and we would like to take this opportunity to thank the participating lenders for their continued support of CoreSite.”